129808 20240705134135.0 doi 10.1177/23409444211024645 sideral 126302 ART-2021-126302 eng Andreu, L. Universidad de Zaragoza (orcid)0000-0003-3661-5448 Window dressing in the Active Share scores in publicly reported portfolios 2021 Access copy available to the general public Unrestricted Using a unique database that includes publicly disclosed fund holdings at the end of the quarter as well as the holdings in all non-publicly disclosed months, we found that some funds could alter their portfolios in publicly disclosed months to artificially increase their Active Share scores and consequently appear more active and take advantage of the positive relationship between Active Share and money flows. We show how, consistent with non-informed trades, these funds erode their future performance. However, these funds reach their objective of increasing future money flows. Moreover, we find that window-dresser funds can be identified by controlling the level of tracking error. The funds with high Active Share scores and low tracking errors have the highest levels of Active Share window dressing and the worst future returns. However, compared with less active funds, they are able to capture higher money flows. info:eu-repo/grantAgreement/ES/MCIU/RTI2018-093483-B-I00 info:eu-repo/semantics/openAccess by-nc http://creativecommons.org/licenses/by-nc/3.0/es/ 4.204 2021 MANAGEMENT 124 / 228 = 0.544 2021 Q3 T2 BUSINESS 95 / 154 = 0.617 2021 Q3 T2 0.751 2021 Business and International Management 2021 Q1 Strategy and Management 2021 Q1 Business, Management and Accounting (miscellaneous) 2021 Q1 6.4 2021 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Forner, C. Sarto, J.L. Universidad de Zaragoza (orcid)0000-0001-6078-0465 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 27, 3 (2021), 324-345 Bus. res. q. BRQ Business Research Quarterly 2340-9436 298115 http://zaguan.unizar.es/record/129808/files/texto_completo.pdf Versión publicada 2561108 http://zaguan.unizar.es/record/129808/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:129808 articulos driver 2024-07-05-12:45:43 ARTICLE